Baker Avenue Asset Management LP Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Baker Avenue Asset Management LP boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,000 shares of the software maker's stock after buying an additional 21,265 shares during the quarter. Baker Avenue Asset Management LP's holdings in Shopify were worth $17,390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the 2nd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify in the 2nd quarter worth approximately $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Wolfe Research initiated coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an "outperform" rating and a $80.00 target price on the stock. Evercore ISI raised their target price on shares of Shopify from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, August 8th. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Robert W. Baird raised their price target on shares of Shopify from $79.00 to $90.00 and gave the stock an "outperform" rating in a report on Wednesday, October 9th. Finally, Roth Mkm raised their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.03.

Shopify Stock Up 1.8 %

Shares of Shopify stock traded up $1.57 during trading on Friday, hitting $87.12. 7,439,028 shares of the stock were exchanged, compared to its average volume of 4,603,509. The stock has a market cap of $112.42 billion, a price-to-earnings ratio of 88.90, a price-to-earnings-growth ratio of 2.91 and a beta of 2.36. The firm's 50-day moving average price is $78.41 and its 200 day moving average price is $69.81. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company's revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) EPS. As a group, analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.